Lates News

A property valued at about 2 million yuan in a market recently sold for 1.5 million yuan on a third-party auction platform, with the bank as the seller completing the transaction directly. Behind this "bargain hunting" is the accelerated operation of property direct sales business by many banks. Several banks including Agricultural Bank of China, China Construction Bank, and Bank of Communications have recently sold large numbers of properties directly through online platforms. The number of properties being disposed of by some banks has significantly increased. These properties, known in the industry as "bank direct supply properties", mostly come from the disposal of non-performing loans. When a company or individual borrower is unable to repay the loan, the bank obtains full ownership through debt disposal and then sells or rents the property directly as the landlord. Industry insiders revealed that banks are accelerating the disposal of properties mainly to improve debt recovery rates. In the period of real estate market adjustment, this direct sales model is becoming a new option for banks to quickly revive assets. (Yicai)